Ethereum transaction fees hit their lowest level in two years after the price fell in the last 24 hours
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Answer Ethereum transaction fees hit their lowest level in two years after the price fell in the last 24 hours
Ethereum network fees fell to their lowest level in two years following the drop in the price of Ethereum, according to data released by blockchain data analytics firm Santiment.
Ethereum fees have dropped to an average of $0.88 per transaction.
The last time Ethereum fees were below the $0.90 level was in July 2020.
The drop in Ethereum fees can be mainly attributed to the 70% drop in the price of Ethereum from its all-time high, which also had a negative impact.
Despite the 24-hour decline, the price of Ethereum remains strong on a weekly basis as it is up 8% over the past seven days.Read:Blockchain.com plans to move its US headquarters to Miami
As a result, the total market capitalization of Ethereum has reached $138 billion.
Lower transaction fees may be a good sign for the second largest cryptocurrency by market cap and the largest altcoin by market cap, as it will attract more activity as the coin exits its current bearish state.
The timing could not be more perfect than now, especially with the approach of the upgrade and the transition to the quota mechanism, which will lead to lower transaction fees even more, as the Ethereum network will become more scalable, which leads to less stress and congestion on the network.
Although the upgrade has been postponed countless times, it will be an important event in the history of Ethereum and may attract the interest of investors and thus have a positive impact on the price of the coin.Read:Ethereum fees are at their lowest level since last summer
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